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hotel budgeting strategies 2018

The end of the year means extra focus on hotel budgeting strategies for 2018. While the end-product is an estimated financial statement for the upcoming year, the process begins with a marketing plan. Robert Mandelbaum, contributing author at Hotel Management, shares useful insights in his article, “Understand Your Local Market When Making 2018 Budget.” Research

Hotel operators know that there are countless incremental costs that add up to a lot of expenses. Industry executives discussed this topic at length at Hotel ROI Midwest conference, part of the Hotel ROI Series. Here are some of their insights on how reducing hotel costs. Eliminate Dead Space | According to Chris Winterhalter, CEO

increase hotel revenue

Within the hospitality industry, every season has its revenue advantages and disadvantages. Finding revenue success lies in focusing and capitalizing on each particular seasons advantages. Know the purchasing habits of your clientele. Familiarize your team with how to upsell certain items or services in the summer months. Take action to prepare the team and hotel for the summer season.

The only reason the peak summer season may fail to bring in an abundance of revenue is if your hotel team is unprepared. There’s still time yet to plan and get organized, and we want to help!

reduce hotel waste for profitability

In a hotel, maintaining peak performance levels requires many resources. Figuring out how to decrease waste while keeping performance standards and levels high, is a challenge to say the least.

Yet, not figuring out how to decrease waste is bad news for your hotel on two fronts – the environment + the bottom line.

Negatively impacting the environment may also negatively impact your hotel’s reputation. It’s no secret that consumers are much more environmentally aware, and take notice when establishments aren’t.

The fact remains that wastefulness must be avoided, with efficiency and sustainability taking it’s place.

10, 9, 8, 7… the countdown has begun, and no, not for the epic ball drop ringing in 2016, but for the rapidly approaching due date of your hotel’s budget and marketing plan for the new year. This is an instrumentally important tool for your hotel, it can truly influence the success or failure for the next year.

A Coach pours over each play by play of past games, taking notes, jotting down fresh ideas. As the team practices every day until the next game, the coach implements new strategies and teaches his players new tactics. It’s game time once again, the team is ready, they’ve rehearsed their new plays a hundred times.

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